Dubai, UAE—Omniyat Group, one of the most prolific high-end property developers in the Gulf region, has celebrated the groundbreaking of its new residential megaproject in Dubai.

Designed by international architecture firm SOMA of New York, the upcoming One at Palm Jumeirah high-rise entails an investment of more than $680 million (AED 2.5 billion).

Upon completion by 2017, the 25-story development rising at the entrance of the world famous Palm Jumeirah archipelago will feature a total of 90 luxury residences. The units will range in size from 2,500 square feet to 20,000 square feet.

The new tower, which is expected to reach a height of approximately 328 feet, was officially launched at the Cityscape Global Conference in the Dubai World Trade Center in September.

“Throughout the next three years, the Omniyat Group and our partner DSI will work jointly to build One at Palm to a standard well beyond anything ever seen,” Mahdi Amjad, CEO of Omniyat, says. “One at Palm Jumeirah is specially crafted for the most privileged of the privileged few, which shows the commitment reflected in our design approach.”

“Our design for One at Palm shatters the predictable condo tower mold of curtain-walled containers by creating private villas in the sky, offering seamless transitions between indoor and outdoor space, and capturing the most remarkable views in a way that allows each residence to seemingly float above the sea,” adds SOMA founder Michel Abboud. “We are honored for Omniyat’s confidence in our vision for this spectacular site, and proud to help set a new standard for innovation and luxury experience in a market that is known for pushing those boundaries.”

Acclaimed for its cutting edge appeal, SOMA’s projects include luxury hotels, as well as condominium and mixed-use developments in New York, Dubai, Lebanon and other international markets.

The firm was founded in 2004. Its current work will bring a 690-foot-tall glass and steel condominium tower in Tribeca, a 168-room hotel and 231-residence condominium project in Dubai, the luxury Shaza Kempinski Hotel in Doha, as well as a private beach residence community in Beirut.

Since 2007, the Palm Jumeirah has become the world’s largest artificial archipelago. It is the first of the three Palm Islands (next to Palm Jebel Ali and Deira Island) planned by Nakheel, a company owned by the Dubai government in United Arab Emirates.